AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of 'a' of the members of
Athene, which is focused on the fixed indexed and fixed annuity market segments, is the consolidation of the organization's
The ratings reflect Athene's balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The positive outlook of the Long-Term ICR reflects continued enhancements to Athene's business profile through additional distribution channels in its retail markets, and expansion of its pension risk transfer business in
AM Best views Athene's risk-adjusted capitalization as very strong and supported by favorable financial flexibility. The company has demonstrated its ability to access capital markets and maintains additional access to capital and liquidity through a revolving credit facility and
The expansion of Athene's business profile has led to consistently strong growth in sales across the company's retail fixed indexed annuities and pension risk transfer markets. AM Best notes the transactional nature of the company's block reinsurance business creates notable volatility in annual deposits; however, the execution of several flow reinsurance transactions in recent years is expected to support incremental growth going forward. The company also has sustained favorable earning spreads and operating profitability, despite the challenges related to the persistent low interest rate environment and high competitive pressures.
The FSR of A (Excellent) has been affirmed with a stable outlook, and the Long-Term ICRs of 'a' have been affirmed with positive outlooks for the following members of
Athene Co-Invest Reinsurance Affiliate 1A Ltd.
Athene Co-Invest Reinsurance Affiliate 1B Ltd.
The following Long-Term IRs have been affirmed with positive outlooks:
'bbb' on
'bbb' on
'bb+' on
'bb+' on
The following indicative Long-Term IRs have been affirmed with positive outlooks:
'bbb' on senior unsecured debt
'bbb-' on subordinated debt
'bb+' on junior subordinated debt
'bb+' on preferred stock
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